Generate Capital and KeyState's Solar Projects Enhance Green Energy
Generate Capital and KeyState’s Solar Initiatives in New York
Generate Capital, an innovative player in sustainable investment, alongside KeyState Renewables, has made significant strides in expanding community solar energy initiatives across New York. Their recent joint tax equity facility has successfully delivered 53.5 MWdc of new solar energy capacity through 11 strategically developed projects.
Financial Impact and Sustainable Development
Thanks to the collaboration between Generate and KeyState, these projects are projected to generate an impressive 76.48 million kWh of clean solar energy during their first operational year. This amount of energy can power approximately 10,544 homes and will lead to a reduction of about 53,429 metric tons of carbon dioxide emissions, showcasing a solid commitment to tackling climate change.
Investment Details
The recent closing of the tax equity facility, named Generate NY Community Solar VI, LLC, was marked by a significant $64 million investment from KeyState. This funding will allow the development and management of the solar projects, aiming to improve grid reliability and ensure that rural areas gain easy access to renewable energy resources.
Addressing Local Challenges
Among the 11 projects financed, several are located in regions where renewable energy development is highly encouraged to combat increased unemployment and the historical dependency on fossil fuel extraction. This approach not only provides clean energy but also fosters economic growth in these communities.
Sustainable Infrastructure Transition
The growing partnership between Generate and KeyState highlights the importance of innovative financing approaches in accelerating the transition to sustainable infrastructure. As stated by Peggy Flannery, Managing Director at Generate Capital, their collaboration continues to scale community solar assets, driving substantial benefits for developers and local communities alike.
Ongoing Partnership and Future Initiatives
In addition to closing the recent tax equity facility, Generate and KeyState have entered into discussions for a fourth facility, aiming to enhance their community solar investments further. KeyState CEO Josh Miller expressed enthusiasm for the ongoing collaboration and its positive impact on local communities serviced by the solar projects.
KeyState’s Commitment to Investment
To date, KeyState has committed nearly $150 million across three tax equity facilities co-managed with Generate Capital. This latest initiative represents Generate’s sixth facility focused on New York community solar projects, applying an infrastructure-as-a-service model to effectively manage clean energy infrastructure.
About Generate Capital
Generate Capital stands out as a leading sustainable investment platform that is propelling the infrastructure transition across multiple sectors. With a focus on renewable energy, mobility, waste management, and more, Generate aims to equip developers, cities, and communities with the necessary capital to facilitate cost-saving and decarbonization efforts. With $10 billion raised since its inception and over 2,000 sustainable assets managed globally, Generate is a partner committed to proving that sustainability not only benefits the environment but also delivers financial returns.
About KeyState
Established in 1991, KeyState has played a pivotal role in developing investment opportunities tailored for community banks. Specializing in innovative financial structures, KeyState manages the country's foremost bank captive program and provides comprehensive investment subsidiary management. Their SOLCAP platform is on course to raise and deploy over $450 million in solar tax equity across more than 100 projects in 11 states by the end of 2024, reinforcing their dedication to renewable energy.
Frequently Asked Questions
What is the primary focus of Generate Capital and KeyState's partnership?
The partnership aims to advance community solar projects across New York, improving energy access and reducing carbon emissions.
How much solar energy will the projects generate?
The projects are expected to generate approximately 76.48 million kWh of solar energy within their first year.
What benefits do these projects bring to local communities?
These projects will provide clean energy, improve economic conditions, and reduce greenhouse gas emissions in underserved areas.
How does Generate Capital support sustainable infrastructure?
Generate Capital invests in and manages sustainable energy assets, facilitating infrastructure transitions through innovative financing solutions.
When was the latest tax equity facility closed?
The latest facility, Generate NY Community Solar VI, LLC, was recently closed, marking significant investment in renewable energy initiatives.
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